Radioactivity Intersected At Candle
Pitchstone Exploration Ltd. (TSX-V:
PXP; �Pitchstone�) is pleased to announce that a zone of radioactivity has been
intersected in a drill hole on the Candle property in the eastern Athabasca
Basin. Candle is a joint venture
between Pitchstone (operator; 37.5%), Uranium One Inc. (TSX: SXR; 37.5%) and JCU
(Canada) Exploration Company, Limited (25%).
Diamond drill hole CD-14, collared
at -81�, intersected the unconformity between Athabasca Group sandstone and
basement rocks at a down hole length of approximately 623 m. A 4.0 m zone of weak to moderate
radioactivity in altered pelitic gneiss, from 646.0 to 650.0 m, averaged 1,200
counts per second (cps); background is less than 100 cps. Radioactivity has been measured in CD-14
with a hand-held S.R.A.T. SPP2 scintillometer with readings taken every 10 cm
through the radioactive interval.
Insufficient information is available to determine a true thickness.
Samples are being shipped to SRC
Geoanalytical Laboratories in Saskatoon to confirm that radiation is due to
uranium and to determine the uranium content. Results will be reported as soon as they
are received.
Steve Blower, P.Geo., Vice President
of Exploration for Pitchstone, is the Qualified Person for the purposes of NI
43-101 with respect to the technical information in this news release.
Pitchstone is actively exploring for
uranium in four proven districts. The property portfolio
features eight
projects in the eastern Athabasca Basin, Saskatchewan, five of which are
joint ventured with Uranium One Inc., with the other three being 100%
owned. In addition, there are five
joint venture projects with Triex in the Hornby Bay Basin, Nunavut and
NWT, an exploration partnership with Cameco and Motapa Diamonds in the
Franceville Basin, Gabon, and an option on three projects in Namibia. Pitchstone has a unique group of
geologists with extensive uranium exploration and production
experience.
On behalf of the
Board,
E.A.G. (Ted) Trueman, CEO and
Director
For further information
contact: Ted Trueman, CEO, (604)
630 5560, ted@pitchstone.net,
Mark T. Brown, CFO, (604)
687-3520, mark@pitchstone.net, or view www.pitchstone.net
The TSX Venture Exchange
has not reviewed and does not accept responsibility for the adequacy
or accuracy of this release. This news release may contain
assumptions, estimates, and other forward-looking statements regarding future
events. Such forward-looking
statements involve inherent risks and uncertainties and are subject to factors,
many of which are beyond the Company�s control that may cause actual results or
performance to differ materially from those currently anticipated in such
statements.